Estate planning

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Estate planning lawyers help people write instructions for the future handling of their property, finances, healthcare, and the future support and care of their loved ones. How do I choose a lawyer? Comfort Level – Are you comfortable telling the lawyer personal information? Does the lawyer seem interested in solving your problem?

Credentials – How long has the lawyer been in practice? Has the lawyer worked on other cases similar to yours? Cost – How are the lawyer’s fees structured – hourly or flat fee? Can the lawyer estimate the cost of your case? City – Is the lawyer’s office conveniently located? Strategies, tools and tips for more effective estate planning. How Much Do You Know About RMDs?

Accountant’s mistake could result in increased generation-skipping transfer taxes. Not sexy—but important to know, nonetheless. Sign up for the Morning Memo newsletter. Ethan Couch is reportedly a changed person after serving his sentence. It protects them in financial and non-financial ways.

It’s not necessarily the person whom you’re going to get the most money from. Recommendations to coordinate optimal end-of-life care. Tax reform is on the tip of everyone’s tongue, but not at the top of this list, according to a recent survey. A guide for trustees and their advisors. General guidelines to follow when seeking professional advice. Significant changes enable individuals to save more to help themselves.

Estate Planning While it may be the last thing you want to think about, estate planning is an important step you can take to protect the interests of your family. A well prepared estate plan will help you ensure your wishes are carried out and your loved ones are taken care of once you’re gone. If you pass away without a plan in place, your family members may be left to sort out the mess in court. A will can help make the transition after a loss as painless as possible for your loved ones. Your property will be transferred quickly and many tax burdens can be avoided. Wills typically describe the estate, name individuals who will receive specific property, and dictate any special instructions you may have. Depending on your wishes and the size of your estate, your will could be anywhere from a single page to a lengthy document.

While a will allows you to express your financial wishes once you’re gone, a living will expresses your health care preferences while you’re still alive. With a living will, you’ll be able to designate the medical treatment you wish to receive, should you become unable to communicate your wishes due to illness or incapacitation. A health care power of attorney, on the other hand, allows you to designate a person who can make medical or end-of-life decisions on your behalf. Trusts are another estate planning tool you can use to manage your property and avoid tax burdens. A trust can either be created during a person’s lifetime, or after death, by a will. There are a number of different types of trusts serving a wide range of functions. An asset protection trust, for example, is designed to protect a person’s assets from future creditors.

A charitable trust, on the other hand, is used to benefit a particular charity or cause. An estate planning attorney can help you in a number of different ways. If you’re interested in creating a will or setting up a trust, an estate planning attorney can draft the necessary documents and help lay the legal groundwork for your plan. That way, your loved ones will be able to avoid the costly and time-consuming probate process.

If a loved one dies without a will, on the other hand, probate could be necessary. Probate is the court-supervised process of sorting out a person’s affairs. If that’s the case, it may be important for you to find an experienced probate attorney. An estate planning attorney will be able to guide you through the probate process and represent your interests in court. What Happens If You Die Without a Will?